The later versions of QEMU no longer support kqemu at all, was removed. I've had chats with the maintainer (Todd Fries), but so far it seems that newer versions of QEMU are just not stable enough yet.. exposing compiler/optimization bugs and generally just sucking badly.
There is nothing (..noticeable) wrong with 0.9.x of QEMU, you just won't be getting any fancy features. Compiling a semi-usable version of QEMU is easy, but that's not the point.. is a few threads on po...@. -Bryan.